SEC Finally Acknowledges Solana ETF Filing After Previous Rejections

Major Milestone for Solana: SEC Accepts Grayscale's ETF Application for Review The U.S. Securities and Exchange Commission (SEC) has officially accepted Grayscale’s revised application for a spot Solana exchange-traded fund (ETF). This is a significant move, especially considering that previous attempts to register Solana ETFs were rejected under SEC Chairman Gary Gensler. On February 6, the SEC formally recognized Grayscale's updated Solana ETF filing, marking a potential shift in the regulatory stance on cryptocurrency-based investment products. Financial lawyer Scott Johnsson noted on X (formerly Twitter) that previous rejections by the SEC were based on misclassification of Solana-related products as commodity trust shares.

Similarly, Bloomberg analyst James Seyffart pointed out in January that the SEC’s Enforcement Division classifying Solana as a security has made it more difficult for other divisions within the SEC to consider it under a commodity-based ETF framework. When Could Solana ETF Be Approved? Experts Are Divided The timeline for a potential Solana ETF approval remains uncertain, with experts offering conflicting predictions. Nate Geraci, president of ETF Store, suggested in November that approval could come by late 2025, emphasizing that recent cooperation between the SEC and ETF issuers is a promising sign.On the other hand, James Seyffart warned that the approval process could stretch into 2026, pointing out that the SEC typically takes 240 to 260 days to review such filings, making for a long wait. Surge in Crypto ETF Applications as Issuers Test the SEC’s Stance The recognition of Solana ETF comes amid a wave of crypto ETF filings flooding the SEC’s desk in recent weeks. Several major players have reapplied for approval of new funds. Recent Crypto ETF Filings: ✅ Solana ETF: Leading firms, including 21Shares, Bitwise, VanEck, and Canary Capital, are actively seeking approval. ✅ Litecoin ETF: Grayscale has filed for an ETF based on Litecoin (LTC). ✅ Bitcoin ETF: BlackRock is pushing for modifications to its iShares Bitcoin ETF to allow in-kind creations and redemptions. ✅ XRP ETF: Cboe BZX Exchange submitted an application for a spot XRP ETF on behalf of firms such as Canary Capital, WisdomTree, 21Shares, and Bitwise. ✅ Dogecoin ETF: Bitwise recently filed for the first-ever spot Dogecoin (DOGE) ETF. These filings indicate that the crypto ETF market is expanding rapidly, with issuers testing the SEC’s readiness to embrace a broader range of digital asset investment products. What Does SEC’s Acknowledgment of Solana ETF Mean for Crypto’s Future? While accepting an ETF filing does not equate to immediate approval, this development is a step forward toward greater institutional adoption of Solana and other cryptocurrencies. ✅ Growing interest in crypto ETFs highlights increasing institutional demand. ✅ If the SEC softens its stance, more altcoin-based ETFs could follow. ✅ A successful Solana ETF could attract more investors and increase market liquidity. For now, it remains unclear when (or if) the Solana ETF will receive approval, but this progress signals that the SEC is at least open to discussions about expanding crypto investment options. Will 2025 or 2026 be the turning point for Solana ETF approval? The crypto community and investors will be closely watching for the next regulatory moves.

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